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Bitcoin price experienced a significant decline, trading at $26,116, -5.46 down on the day. This decline has led to more crypto positions being liquidated than during the FTX collapse in November 2022.
The drop caused $855 million in long positions and $194 million in short positions to be wiped out, resulting in a dip to the $25,100 range. BTC liquidations have reached a record high, with nearly $2 billion in open interest disappearing in the last 24 hours.
The US SEC is set to decide on Grayscale’s ETF application on August 18, potentially prompting crypto markets to retrace their steps and recover losses. Bitcoin has exceeded bulls’ forecasts of breaking $30,000, but the Awesome Oscillator and Relative Strength Index indicate a bleak future.
If the price of Bitcoin rises again over the $29,247 barrier, it might indicate a bear takeover amid waning bullish momentum. If the price turns the $31,845 barrier into a support floor, BTC might reach the next resistance level at $35,260, a cluster of significant obstacles.
